ORANGE, Calif.-- CalSurance, a national insurance sales, service and support organization comprising many diverse and specialized programs, today announced that it has enhanced its specialized errors and omissions program for broker-dealers with 75 or fewer registered representatives. Recently CalSurance and Quanta Specialty Lines Insurance Company teamed up to offer this program.The program enhancement now provides each broker-dealer with its own policy limits without sharing a master policy aggregate with other broker-dealers in the program.
"CalSurance provides one-stop shopping for errors and omissions coverage for smaller-sized broker-dealers and their sales forces, which was difficult to find before we launched this program," said Nancy Evans, Vice President of Programs, CalSurance. "A feature of the program that broker-dealers find rewarding is our ability to typically provide quotes within 10 business days rather than the 30- to 45-day waiting period that broker-dealers and registered reps of this size have been accustomed to." The E&O program provides protection against claims arising out of acts, errors or omissions in the rendering of professional services by a broker-dealer, its registered representatives, RIA's or insurance agency.
The program offers up to $1 million in limits of liability and has deductibles starting at $25,000 for broker-dealers and $5,000 for registered representatives. Other select features of the program include duty to defend civil proceedings, supervisory coverage for the broker-dealer that extends to terminated retired and disabled registered representatives, and coverage for libel, slander and defamation.
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